Morning Report

The bounce from the key resistance level of 0.9200 was limited above the support line from the suggested bottom of the internal second wave as seen on the main four-hour graph. Additionally, the daily closing was also achieved above Ribbons lines -EMA 10 to 80- as seen on the secondary image. Thereby, the bullishness based on the above seen Elliott sequence remains intact over intraday basis but we need another breakout above 0.9175 zones to confirm today's proposed upside wave. Of note, coming below 0.9120 areas will force us to reconsider the internal count but will not damage the entire IM -impulsive- structure.

The trading range for today is among key support at 0.9000 and key resistance at 0.9335.

The general trend over short term basis is to the upsidetargeting 0.9950 as far as areas of 0.8850 areas remain intact.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, buying the pair above 0.9180 targeting 0.9400 and stop loss below 0.9030 might be appropriate.